Research

At B. Riley, our research process is an interactive one where we perform extensive due diligence on companies until the analyst develops the knowledge base and understanding of the company and the industry to make a recommendation. Our analysts continuously monitor industry developments and communicate with the management, competitors, suppliers and customers of the companies we follow, regularly communicating our findings through Research Updates and daily Morning Notes.

While we do not necessarily publish research on all of the companies we review, the knowledge base and understanding of many of our monitored companies parallels that of our covered companies. We actively cover over 100 companies and monitor an additional 100. Our analysts cover small to mid-cap companies that are under-followed or misunderstood by Wall Street. We believe that the pricing of small cap equities is frequently inefficient, and therefore provides the greatest potential rewards to diligent security analysis.

This Week's Research

  • 10/24/14 Update WMAR ($9.67, Buy; $12.00 PT): Mixed Q3, But FY Guidance Reaffirmed; Business is Turning, But Elevated Investment Spend Triggers Lower Estimates; Price…
  • 10/24/14 Update B. Riley & Co. Industry Update: Internet (GOOGL, NAME, WWWW)
  • 10/24/14 Update UTEK ($17.92, Neutral; $21.00 PT): Results And Outlook Miss On Lower LSA And AP; Maintain Neutral
  • 10/24/14 Update GFN ($8.32, Buy; $12.25 PT): Lowering Estimates and Price Target as Royal Wolf Quarter Comes in Light
  • 10/24/14 Update BC ($44.89, Buy; $59.00 PT): Boat Group Sales Jump +22% as Growth Inflects; Share Gains & ASP Tailwind Kicking In; Raising Estimates and PT to $59;…
  • 10/24/14 Update CLRO ($8.46, Buy; $13.50 PT): Reports Strong Q3 ‘14 Beat; Maintaining Buy Rating and Raising Price Target to $13.50
  • 10/24/14 Update P ($21.10, Buy; $38.00 PT): Nice Q with Guidance Increased; Active Listeners Hours Disappointed but Should Recover in 4Q; Maintain Buy and PT of $38.00
  • 10/24/14 Update MXIM ($28.75, Neutral; $26.00 PT): Big Mobile Miss/Miss Drags Ests Even Lower; Tgt From $27.0 To $26.0
  • 10/24/14 Update DECK ($88.10, Buy; $108.00 PT): Q2 beat; Q3 guide-below due to earlier deliveries requested (in Q2); annual guidance raised; late onset of cold weather;…
  • 10/24/14 Update NPTN ($3.01, Buy; $6.25 PT): Positive 3Q Preliminary Results; To Acquire EMKR’s ITLA asset; Raised Estimates while Lowered PT from $7.75 to $6.25;…
  • 10/24/14 Update DLB ($40.42, Neutral; $41.00 PT): Q4 Results Exceed Expectations…But Licensing Outlook in FY15 Remains Tepid and Doremi Drag Lowers Estimates; Maintain…
  • 10/24/14 Update OSTK ($19.49, Buy; $29.00 PT): 3Q Metrics Show Further Improvement Providing Top-Line Visibility With Potential For FY15 Operating Leverage, PT Moves…
  • 10/24/14 Update RUBI ($12.15, Buy; $15.00 PT): Solid Q; 4Q Guide Conservative; Increasing Estimates and Maintaining Buy Rating – Focus List Pick
  • 10/24/14 Update EMKR ($5.16, Buy; $6.50 PT): To Sell ITLA Asset for $17.5MM; Net Cash Projected to be Nearly $5/share Post Transactions; Lowering PT from $10.00 to…
  • 10/24/14 Update JAKK ($6.95, Neutral; $8.00 PT): 3Q14 EBITDA Miss—We Now Expect Negative Free Cash Flow in 2014—Lowering Rating to Neutral and PT from $11 to…
  • 10/24/14 Update AMZN ($313.18, Neutral; $296.00 PT): International Trends And Heightened Spending Lead To Disappointing 3Q Results and 4Q Guidance
  • 10/24/14 Update TYL ($104.26, Neutral; $112.00 PT): Reports Q3 ’14 Results Above Expectations; Raises FY ’14 Guidance Again; Increasing Estimates and Price Target;…
  • 10/24/14 Update PCCC ($22.00, Neutral; $26.00 PT): 3Q Beat, But Cautious Outlook, PT Up $1 to $26
  • 10/24/14 Morning Note B. Riley & Co. Morning Notes: AMZN, BC, CLRO, DECK, DLB, EMKR, GFN, IMAX, JAKK, KLAC, MTSN, MXIM, NPTN, OSTK, P, PCCC, PII, RUBI, SLAB, TYL, UTEK
  • 10/24/14 Update KLAC ($82.00, Neutral; $82.00 PT): Post-Leveraged Recap Stock Surge Moves Us To Sidelines; Tgt Is $82.0
  • 10/24/14 Update MTSN ($2.43, Buy; $3.50 PT): Reports Solid Results And Outlook As Share Gains Are On-Track
  • 10/23/14 Update SLAB ($44.15, Buy; $50.00 PT): Beats And Raises As IoT Investments Start To Pay Off; PT Rises To $50
  • 10/23/14 Update IMAX ($28.91, Buy; $39.00 PT): Q3 Results Exceed Estimates on Upside Box Office; Mgmt Confirms 2015 Operating Leverage on Growing Network and Impressive…
  • 10/23/14 Update PII ($144.15, Buy; $181.00 PT): Polaris Serves Up Another ORV Fueled Beat & Raise; Expect Dramatic Motorcycle Acceleration in Q4; Raising Estimates…
  • 10/23/14 Update YELP ($60.70, Buy; $74.00 PT): Upgrading from Neutral to Buy as New High Margin Revenue Stream Emerges; Pullback Creates Buying Opportunity; Increasing…
  • 10/23/14 Update EGHT ($6.70, Buy; $8.50 PT): Beats, Raises Operating Leverage Guidance; Raising Estimates and PT from $8.00 to $8.50
  • 10/23/14 Update LRCX ($70.75, Buy; $82.00 PT): Not A Blowout, But 2015 Looks Like Another Strong Year; Tgt To $82.0
  • 10/23/14 Update P ($22.71, Buy; $38.00 PT): Preview: Expect 3Q14 Results and 4Q14 Guidance to be In Line with Consensus
  • 10/23/14 Morning Note B. Riley & Co. Morning Notes: AMZN, ANGI, DCO, DECK, EGHT, IMAX, IPAR, LRCX, P, RNWK, RUBI, SKX, TUP, YELP, YHOO; Optical Components
  • 10/23/14 Update SKX ($54.93, Buy; $66.00 PT): Sales and EPS beat; backlog up ~50%; broad-based business momentum continues; increasing estimates and PT from $58 to…
  • 10/23/14 Update ANGI ($6.67, Buy; $12.50 PT): Missed 3Q and Guides Down for 4Q as Ecommerce Faces Another Hiccup; Reducing Estimates and PT Declines to $12.50
  • 10/23/14 Update TUP ($62.77, Buy; $83.00 PT): With Dollar at High End of 5-Year Trading Range, Could This Be the Last Major FX-Driven EPS Reduction?
  • 10/23/14 Update RUBI ($10.24, Buy; $15.00 PT): Preview: Expect Inline to Ahead Print/Guide; Focus on New Products in Premium, Mobile and Video
  • 10/22/14 Update DCO ($28.64, Buy; $38.50 PT): Earnings Preview: Resilient Demand, Strong Backlog Bode Well for Q3 and FY ’14 Performance as DCO Remains Undervalued…
  • 10/22/14 Update AMZN ($317.06, Neutral; $350.00 PT): 3Q Preview: A Perfect Storm May Be Brewing
  • 10/22/14 Update YHOO ($42.46, Buy; $45.00 PT): Beats Though Not Convincingly; Guidance In Line
  • 10/22/14 Update Industry Update - Media & Entertainment Sector: Week 1 & 2 Earnings Previews
  • 10/22/14 Update SUP ($18.23, Neutral; $20.50 PT): New CEO a Welcomed Change as Meeting With Management Underscores Opportunities, Challenges; Maintain Neutral Ahead…
  • 10/22/14 Update IVAC ($7.84, Neutral; $7.25 PT): Earnings Preview – Expect In-Line 3Q14 Results; Maintain Neutral
  • 10/22/14 Update CTG ($10.36, Neutral; $11.25 PT): Reports Q3 ’14 Results; Reducing Estimates and Price Target on Uncertain Outlook for Growth; Downgrading Rating…
  • 10/22/14 Update BRCM ($39.65, Buy; $50.00 PT): Not Missing Cellular As Margins, Cash Return Surge; Increase PT To $50.0
  • 10/22/14 Morning Note B. Riley & Co. Morning Notes: ABTL, BC, BRCM, CTG, FTD, IVAC, JAKK, KMB, OSTK, SGGH, SIX, SUP, ZQK; Media (AMC, DLB, DWA, IMAX, OUTR, RGC)
  • 10/22/14 Update KMB ($111.23, Neutral; $109.00 PT): Upside Surprise on Good Cost Control; Adjusting Estimates for Spin-Off
  • 10/22/14 Update ZQK ($1.79, Neutral; $3.90 PT): Product line review; content evolving for all 3 brands; our sense is that the Spring order book is on plan- improving…
  • 10/22/14 Update SGGH ($9.74, Buy; $16.00 PT): Signature to Acquire the World’s Largest Independent Aluminum Recycler for $525MM, 6.5x EV/EBITDA
  • 10/22/14 Update SIX ($34.50, Buy; $50.00 PT): Reports Upside Q3 Results; Raises Dividend; Introduces Project 600 Goal
  • 10/21/14 Initiation of Coverage FTD ($32.36, Buy; $40.00 PT): 9% Free Cash Flow Yield—Initiating Coverage with a Buy and $40 PT
  • 10/21/14 Update OSTK ($17.78, Buy; $22.00 PT): Potential For 3Q Surprise With Accelerating Profitability Beginning 4Q
  • 10/21/14 Update TYL ($92.93, Neutral; $94.00 PT): Q3 ’14 Earnings Preview; Maintain Neutral Rating and $94.00 Price Target
  • 10/21/14 Update SHOO ($28.87 Buy; $42.00 PT): Q3 pre-announce/guide-down; eventually another macro fashion trend driver will emerge; strong management, cash flow…
  • 10/21/14 Update ANGI ($8.68, Buy; $13.00 PT): Preview: Expect Results/Guidance In Line with Consensus; Operational Metrics, Tech Changes and M&A in Focus
  • 10/21/14 Morning Note B. Riley & CoMorning Notes: ANGI, IPAR, PCCC, PCMI, PII, RNWK, SHOO, STMP, TUP, TXN, TYL, YELP
  • 10/21/14 Update YELP ($68.78, Neutral; $65.00 PT): Preview: Expect Upside Due to Increasing Yield; Domestic Traffic Strong While International is Weak; Reiterate…
  • 10/21/14 Update TXN ($44.41, Buy; $56.00 PT): Ingredients For High Quality Beat/Raise Have Legs; Buy, Target Is $56.0
  • 10/20/14 Initiation of Coverage PCMI ($9.23, Buy; $13.00 PT): Situated For Growth; Initiating With A Buy Rating and $13 PT
  • 10/20/14 Initiation of Coverage PCCC ($22.00, Neutral; $25.00 PT): Well Positioned But Fairly Priced; Initiating With A Neutral Rating, $25 PT
  • 10/20/14 Initiation of Coverage RNWK ($6.23, Buy; $12.50 PT): Recent Initiatives Boost Turnaround Outlook with Rhapsody Stake and Cash Balance as Solid Backstop; Initiating with…
  • 10/20/14 Update PII ($143.50, Buy; $160.00 PT): Dealer Survey Suggests Continued ORV Share Gains Despite Sluggish ACE Sell-Through; Notable Improvement in Dealer…
  • 10/20/14 Morning Note B. Riley & Co. Morning Notes: CAMP, CTG, KMB, MEI, SGGH, SIX, YHOO; Consumer Products Weekly (EL, MAT, NTRI, NWL, WDFC), Semiconductors & Semi. Cap.…
  • 10/20/14 Update CTG ($10.33, Buy; $14.25 PT): Q3 '14 Earnings Preview; Reducing Price Target from $16.25 to $14.25; Reiterate Buy Rating
  • 10/20/14 Update SIX ($33.85, Buy; $50.00 PT): Q3 ’14 Earnings Preview; Think Our Estimates Are Conservative Enough
  • 10/20/14 Update Industry Update - Semi+Semi Cap Week #2 Preview: TXN, BRCM, LRCX, SLAB, MXIM, KLAC, MTSN
  • 10/20/14 Update Household/Personal Care: Weekly Highlights (EL, HELE, MAT, MED, NTRI, NWL, WDFC)
  • 10/20/14 Update YHOO ($38.45, Buy; $45.00 PT): Earnings Preview – Expect In Line; Focus on Use of Cash and Tax Efficiency of Proceeds; Expect Estimates to Decline